When pursuing a career as an accountant there are many accreditation and university programs to consider that will help you to advance your career.

Often time’s people will find themselves deciding between becoming a Certified Management Accountant (CMA) or getting a Master of Business Administration – also known as an MBA.So how do you choose which is best for you?

Narrow Down The ScopeThe CMA is an industry recognized professional designation while the MBA is an academic degree. Though both get high praise for being top notch career goals in the finance field, the CMA is focused on management accounting while the MBA covers a much broader scope of finance units.

Average Earning PotentialSalary is an important thing to consider when choosing which career path to go down. According to Payscale.com, the average MBA in accounting and business earned $102,665 in 2015. Those holding an Executive MBA in finance earned on average, $150,000.

As for CMA’s, depending on your position within a company you could earn anywhere between $39,974 to $215,561. It’s clear there is plenty of earning potential with both designations.

Education and EligibilityBoth the CMA and MBA are post-graduate options. The MBA requires an additional one to two years of schooling to complete after receiving a bachelor’s degree, whereas the CMA designation can be earned in six months after preparing and passing the CMA exam.

After spending upwards of four years working on that well deserved bachelor’s degree, two more years can seem like an eternity, especially when you can meet the CMA requirements in a fraction of the time.

Another thing you may want to consider is that being accepted into an MBA program is highly competitive and the school you choose can really influence your future employers impression of you.

There have been so many studies done on MBA programs and their return on investment (ROI). If you plan to work for an investment bank or in securities, an MBA will get your foot in the door. On the other hand, if you plan to work elsewhere, I would recommend the CMA.

Unlike the MBA where employers may judge the university reputation of where you studied, the CMA exam is an industry designated exam it is only issued through one institution. In other words, it is the same across the board so potential employers can not harbour the same bias.

The CMA is also self-taught so candidates can learn and prepare at their own pace using review courses like Wiley, Gleim, Hock, CMA Exam Academy or several others. They can also be working in the industry at the same time which is certainly a win-win situation.

Which Option Will Open More Doors?Not to discourage anyone who is set on completing their MBA, but if you are an accountant looking to advance your career then the CMA will provide more opportunities. This is because the CMA is geared towards accounting and finance professionals, and due to the fact that it incorporates various business acumen courses.

Additionally, industry professionals say that the CMA designation will immediately improve your career whereas an MBA isn’t likely to open any more doors until 5-10 years down the road.

It also helps that the CMA designation can be earned in a significantly shorter period of time and is also far less expensive.

Ultimately the choice is yours, and my only goal is to help you make an informed decision. Whether you go down the road of becoming a CMA or working towards your MBA, you will be able to look forward to a successful career in the management accounting field.

Speaking of making informed decisions, did you know that where you choose to live and work in the world can affect how accepted your chosen designation is? From the USA to Canada to the UK and Australia, there are different governing bodies that may affect your decision. But don’t fret – we’ll be covering all those bases next time so hang in there!

How to Become a CMAIf you decided to become a CMA, check out this article that’ll walk you step by step.

The CMA program lets you proceed at your own pace. You can earn a CMA in just six months or over 3 years. Busy professionals will find the CMA program to be time-efficient.What Are The Requirements for the CMA Exam?

• Membership in IMA®.

• Bachelor’s degree from an accredited college or university or an equivalent degree as determined by an independent evaluation agency.

• Two continuous years of professional experience in management accounting or financial management.

• Entrance into the CMA program.

• Completion of Part 1 and Part 2 of the CMA exam.

CMA Exam Procedures & Registration

• Join IMA

• Pay the CMA Certification Entrance Fee

• File an Exam Registration Form selecting the exam(s) you wish to take and pay the indicated fees.

• Receive a Registration acknowledgment form which provides your authorization number(s), testing window(s), the Instructions for Candidates, and access to the CMA Exam Support Package.

• Schedule your exam appointment(s) with Prometric.

• Select the best CMA review course for self-study or take my Online Instructor-Led Course.

All transcripts must be submitted in English and show the official seal of the college or university. Your college or university should forward an official copy of your transcript to ICMA at the address below.

If this is not possible, you may mail IMA a notarized copy of your transcript.

Faxed or emailed documents are not acceptable.

• Professional Certifications

A listing of approved certifications can be found here.

Verification: An official letter must be submitted in English from the approved certifying organization confirming you are a qualified member. This letter should be mailed directly from the certifying organization to the address below.

ICMAAttn: Amy Leuc10 Paragon Drive Ste 1Montvale NJ 07645-1759USA

To complete the experience requirement, you must submit the CMA Experience Requirement Verification Form. This form is available on the IMA website at the following link.

Once the form is completed you can either:

· Scan it and email it to Cheryl Curtin at ccurtin@imanet.org· Fax the form to 1-201-474-1606 with an attention to Cheryl Curtin· Send the form by postal mail to:

Thank you again for your inquiry. You need to contact WES to mail in your degree evaluation directly to the IMA. Also, you do not need to send this before taking the exam. This can be sent after completing both parts. Should you need further assistance please let us know.